S&P rates Biogen Idec notes BBB

Standard & Poor's said it assigned its BBB senior unsecured debt rating to Biogen Idec Inc.'s offering of $1.0 billion in debt, to be issued in two tranches maturing in 2013 and 2018.

The agency said that the company will use proceeds of the debt offering to refinance existing debt.

At the same time, S&P noted that it affirmed all other ratings on Biogen Idec.

The outlook is stable.

The agency said that the ratings on Biogen Idec reflect the biopharmaceutical company's leading positions in the treatment of cancer and multiple sclerosis, its strong financial profile and its conservative financial policies while these factors are offset partially by the company's high revenue dependence on a limited number of drugs.

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